The Siam Cement Public Company Limited (SET: SCC), at the Opportunity Day event held by The Stock Exchange of Thailand (SET) on November 3, 2022, stated that the revenue in the third quarter of 2022 was 142 billion baht, up 8% compared to the same period in the previous year. A better performance in the quarter was due to an increase in product price in the cement, building materials business and SCGP.
The net profit in the third quarter was 2.44 billion baht, decreased by 64% compared to the same period in previous year and decreased by 75% compared to the previous quarter. The decrease was mainly due to declining spread of petrochemical products, including the impact from energy increasing from the cement business and building industry. The company lost 1.08 billion baht in business inventory in the chemical business.
In the past nine months, the company recorded a revenue of 447 billion baht, an increase of 16% compared to the same period in the previous year, and EBITDA dropped to 51.8 billion baht from 70.4 billion baht last year. Net profit for the first nine months was 21.2 billion baht, decreased by 45% from the 38.9 billion baht of the same period in the previous year. The decrease was due to the impact on manufacturing and energy costs, and the profit share in the chemical business that decreased from the same period of last year.
Mr. Tosatit Athonthamrat, Investor Relations & Strategic Manager at SCC, said the business trend in the fourth quarter of 2022 should grow more than the previous quarter from a positive factor of reopening in China. The company reduced its costs, investment, or put off unnecessary projects, while maintaining liquidity at a sufficient level. The company has cash flow of 69,000 million baht.
Mr. Roongrote Rangsiyopash, president and CEO director of SCC, said the company set the revenue target for 2023 to increase continuously, starting with revenue recognition from Long Son Petrochemicals Company Limited (LSP) Project phase1 in Vietnam, which is expected to commence the operation in the first half of next year.